277 Center Street

The building was extremely under-valued due to the poor condition of the apartments, as well as some structural damage on the west end of the building.

Despite being almost fully occupied, the property came to market with a purchase price low enough to allow for the extensive repairs that were required to rehabilitate and modernize the building, while still returning strong ROI to the investors.

The building consists of 12 units – 7 1BR, 4 2BR, and a studio. 10 units were occupied at the start of construction, giving us a small cash flow cushion as work began. We had to strategize around the tenants as the plumbing and electrical repairs required that the entire stack be empty before beginning.

The retaining walls and extended slab at the west end of the building were extensively damaged and required shoring to stabilize the foundation.

Most of the concrete was removed, steel beams and columns were replaced, then the suspended deck was re-poured.

We have the equipment and expertise to perform major structural work in-house, keeping profit in the project that would otherwise have been paid to subcontractors.

The property had major drainage and water mitigation issues, which had created the damage to the west side of the building. These issues were remediated to improve water flow and drainage, which will protect the building – and the investors – from potential sink or collapse, as well as from issues related to flooding.

The lower 8 units were converted from gas to electric, which required upgrading the power system throughout the building. New, high-efficiency HVAC units were installed, ensuring that maintenance costs would be minimized for the owners going forward.

The apartment interiors – especially the kitchens and bathrooms – were cramped, outdated, and ugly. While tearing them out for replacement, we discovered extensive water damage in both the walls and floors – what started out as kitchen/bath remodels became a wholesale demo-and-replace.

Updated kitchens and baths, new flooring, fresh paint, modern lighting fixtures – it’s hard to believe these are the same apartment units we walked into 6 months ago!

J-Corp has the vision and expertise to transform a dingy, dilapidated property into a gem of modern luxury living.

An outdoor living space, new landscaping, and of course, a fresh coat of paint make the exterior of the building as inviting as the interior.

As we near substantial completion, almost half of the units are already occupied with tenants paying competitive, market-rate rents that ensure the building will remain fully occupied over the life of the investment.